20VC: NEW FORMAT: Harry Stebbings on Why Seed Pricing is as High as Ever, Why Series A is the Best Place to Invest Today, Why Growth Founders Need to Reshape Expectations, Why M&A Windows Remain Shut and When Will IPO Windows Crack Open

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 20 October 2023

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

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Summary

Harry Stebbings is the Founder of 20VC, building the next great financial institution at the intersection of media and venture capital. 20VC has reached over 125M downloads in 100+ countries and has featured the likes of Doug Leone, Bill Gurley, Marc Benioff, Daniel Ek and more. On the investing side, Harry has raised over $400M and made investments in the likes of Pachama, Linear, TripleDot, Superhuman, AgentSync, Linktree, Sorare and more.

In Today's Episode We Cover:

Are LPs Open for Business:

How has what LPs look for in new manager investments changed?
What type of funds will be able to raise? Which will not be able to raise?
What can managers do to significantly increase their chances of raising a new fund?

2. The Seed Investing Landscape: Harder Than Ever

Why is seed pricing as high as ever?
Why are multi-stage funds more active in seed than ever? How does this impact seed?
How will seed change and evolve over the next 6-12 months?

3. Series A + B: The Best Place to be Investing

Why is Series A the best risk/reward insertion point when investing today?
How has the competition level at Series A and B changed?
What do many people not see or know about this stage of the market today?

4. Is Growth Dead: Are Growth Deals Getting Done:

What two core elements are needed if you want to raise a growth round today?
How have growth round valuations been impacted over the last 12 months?
To what extent do founders need to change their expectations on the price of rounds they will be able to get done today?

5. M&A and IPOs: Tough Times Ahead

Why will we see continued low levels of activity in M&A markets?
What acquisitions are we seeing take place?
When will the IPO window crack open?
Why were Klaviyo, Instacart and Arm not enough to open the windows?

Transcript

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0:00.0	Hello and welcome back to 20VC with me, Harry Stebbings. Now, today we're doing a first of its kind show.
0:04.8	At 20 BC, we have the most comprehensive data on a generation of venture investors.
0:09.8	We have over 1,000 track records, over 10,000 references with individual MPS from founders on their investors,
0:17.1	where they added value, where they didn't add value, how important and impactful were there as a board member.
0:22.1	And today, we analyze the different components of the venture market and use our proprietary
0:26.9	20 VC data to highlight some core observations and lessons.
0:31.1	We cover everything from fundraising for funds to the growth and IPO markets.
0:35.9	It's a very special and different show and I really want to hear your thoughts.
0:39.0	Let me know on Twitter at Harry Stebbings, and I'd love all feedback.
0:42.8	But before we dive into the show today, listen to this.
0:46.3	Mercury has been a breath of fresh air.
0:49.1	Getting started was maybe one of the most delightful onboarding experiences I've had.
0:52.9	Mercury is just so easy to use.
0:54.7	The aesthetic of it is actually quite relaxing.
0:58.3	For me, it was less a choice and more finding a kindred spirit.
1:02.5	Imagine feeling this way about business banking.
1:05.9	You could if you join more than 100,000 startups on Mercury,
1:10.2	the powerful and intuitive way for ambitious
1:12.6	companies to bank. Start building momentum and leave the friction behind by visiting mercury.com
1:18.6	forward slash 20VC. Mercury is a financial technology company, not a bank, banking services provided by
1:25.6	choice financial group andolve Bank and Trust,
1:28.6	members of the FDIC. And speaking of amazing products like Mercury there, Coda is a dock on steroids.
	...

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